PoM Chapter 4 Review

When a business has a market orientation, instead of inventing a ___ for a ___, it seeks to create a ___ for a ___.

When using the marketing concept, planning begins with

Because many variables, it's impossible to set a product or service price strictly on the concepts of supply and demand.

The first step in the consumer decision-making process is recogniing that a ______ exists.

Service businesses face unique marketing challenges, delivered by people, making it difficult to assure consistent _____

In the past, marketing was used basically as a problem-solving tool, such as a way to reduce inventory.

In order for the decision-making process to begin, a consumer must

Which of the following is not an element of the marketing mix?

Understanding and meeting consumer needs is relatively easy to do because most people have the same needs.

When business regard marketing as a provider of opportunities, they look for which of the following?

In monopoly situations, businesses face which type of competition?

Wholesalers emphasize ____ while retailers are responsilbe for most final _____ decisions.

A limited-competition situation, it is not important marketers pay attention to the effectiveness of their mix elements.

The earlier use of marketing was to

The marketing mix elements all act independently of one another.

New markets and ways to improve a company's offerings in current markets are known as

The promotion element of the marketing mix is the communication link between the seller and the buyer.

Which of the following is evidence that a business is using the marketing concept?

In order to develop an effective marketing mix, product needs to be well developed before planning other mix elements

A want is a culturally defined way to fulfill a need.

In the final stage of the decision-making process, the consumer

A strategy for a company in intense competition that uses the marketing concept is to

Following the marketing concept requires a total commitment to satisfying customers’ needs.

Studying and prioritizing market segment to locate the best potential based on demand and competition is known as

The marketing mix element that usually received the most attention from producers and manufacturers is _____

Marketing consists of only a few basic activities such as promotion and distribution.

Spending money to improve marketing usually result in increased profits for the company.

Marketing is often considered a creative endeavor but even the creative process needs ______.

Which marketing mix element do service businesses uaually have greater control over than a business that sell products?

A choice amonog alteratives is a(n) _____.

The marketing mix element that does not create economic utility by itself is

When marketing is ____ it is considered a essential part of the business, it's involved in important business decisions.

Marketing needs large amounts of information, most develop marketing information systems to collect/store information

Non-Business organizations have something other than ______ as their primary focus.